Well a very interesting pair to analyse and i may get criticized,but i am not a bear in this situation and i have some good reasons in my opinion to think that way.
- Let's start with the fundamentals first so, after virus ECB did not cut interest rates yet,but FED cut them from 1.75% to 0-0.25%.
1.The situation with the virus may start to improve.
2.The situation with the Virus in Spain has improved a lot and Europe may start to re-open the economy.
3.The FED printed already around 8 trillions dollars (Way more then ECB).
-Now let's talk about technical analysis.
I see a failing wedge with a bullish RSI divergence,and a potential double bottom is forming.And the potential target is around 1.13.
*Disclaimer: Yes i may be wrong and my analysis could be proved to be wrong, so make your own research before entering in a trade and i recommend to use a SL.
*My analysis could go wrong if Stock Market is gonna go for another leg down and the panic will be back which will bring the dollar in a short term
demand,so that's why i recommend using a stop-loss on this trade.
-CryptonikLion
- Let's start with the fundamentals first so, after virus ECB did not cut interest rates yet,but FED cut them from 1.75% to 0-0.25%.
1.The situation with the virus may start to improve.
2.The situation with the Virus in Spain has improved a lot and Europe may start to re-open the economy.
3.The FED printed already around 8 trillions dollars (Way more then ECB).
-Now let's talk about technical analysis.
I see a failing wedge with a bullish RSI divergence,and a potential double bottom is forming.And the potential target is around 1.13.
*Disclaimer: Yes i may be wrong and my analysis could be proved to be wrong, so make your own research before entering in a trade and i recommend to use a SL.
*My analysis could go wrong if Stock Market is gonna go for another leg down and the panic will be back which will bring the dollar in a short term
demand,so that's why i recommend using a stop-loss on this trade.
-CryptonikLion